本报讯 记者赵萌报道 近日，中国银行作为主承销商，成功协助摩根士丹利在中国银行间市场发行 26亿元熊猫债。本次发行是摩根士丹利第三次"亮相"中国债券市场，中国银行参与全部三期发行，累计 协助融资66亿元人民币，充分彰显了国际发行人对中国市场的坚定信心和高度认可。 据了解，2025年7月，中国银行协助引进摩根士丹利进入中国债券市场，成功发行首单美资发行人 熊猫债，为国际优质发行人提供了有价值的实践范例，吸引更多境外主体关注并参与中国债券市场。截 至目前，中国银行已服务来自亚洲、欧洲、北美洲、非洲、南美洲发行人来华发行熊猫债。中国银行将 继续依托全球化服务网络和跨境金融优势，以丰富的项目经验和独特的市场视角协助各类发行主体进入 中国市场，开拓投融资新渠道，为提升人民币国际影响力、推动高水平对外开放贡献更大力量。 责任编辑：袁浩 ...

责任编辑：李桐 大跌过后 摩根士丹利认为部分另类投资公司出现入场良机 大跌过后 摩根士丹利认为部分另类投资公司出现入场良机 华尔街最大的另类投资公司和业务发展公司（BDC）周二股价大跌后，摩根士丹利分析师Michael Cyprys表示，尽管一些投资组合公司"可能面临来自人工智能（AI）颠覆的风险，但也为另一些公司带 来机遇"。 软件股的无差别抛售并无止步迹象 摩根大通称其已被市场"未审先判" 软件制造商、广告公司和投资机构遭遇新一轮抛售，摩根大通分析师Toby Ogg称这个行业不仅是在证 明无罪前被下了有罪推定，甚至已经到了未审先判的程度。 美国参议院银行委员会主席：沃什提名获得确认的可能性为100% 参议院银行委员会主席Tim Scott表示，特朗普提名的美联储主席人选凯文·沃什获得参议院确认的可能 性为100%。 众议院重量级共和党人：调查鲍威尔令沃什更难获确认 众议院金融服务委员会主席、共和党人French Hill对CNBC表示，政府调查杰罗姆·鲍威尔"导致对沃什的 确认程序更加困难"。 华尔街最大的另类投资公司和业务发展公司（BDC）周二股价大跌后，摩根士丹利分析师Michael Cyprys表示 ...

华尔街最大的另类投资公司和业务发展公司（BDC）周二股价大跌后，摩根士丹利分析师Michael Cyprys表示，尽管一些投资组合公司"可能面临来自人工智能（AI）颠覆的风险，但也为另一些公司带 来机遇"。 他指出，在多元化投资组合背景下，自2020年以来，全行业信息技术（IT）服务平均约占私募股权 （PE）交易额的23%，约占交易数量的16%，其中软件行业是子集之一。 在摩根士丹利覆盖的公司中，科技服务相关交易量约占整体PE交易量的21%，其中TPG、凯雷和KKR的 占比略高一些，而阿波罗全球管理（Apollo Global Management）最低。 "投资组合中可能会出现一些受益于AI的重大赢家，有望释放或加速增长并提升效率，这些赢家带来的 收益甚至可能超过其他糟糕投资所带来的拖累。" 责任编辑：丁文武 华尔街最大的另类投资公司和业务发展公司（BDC）周二股价大跌后，摩根士丹利分析师Michael Cyprys表示，尽管一些投资组合公司"可能面临来自人工智能（AI）颠覆的风险，但也为另一些公司带 来机遇"。 "投资组合高度多元化，部分投资可能受益于AI，"Cyprys在报告中写道，并补充称，优质的多元 ...

Core Viewpoint - Morgan Stanley analyst Michael Cyprys has lowered the price target for T. Rowe Price (TROW) to $123 from $128 while maintaining an Equal Weight rating on the shares, following updates based on the latest Assets Under Management (AUM) month-end disclosure for December [1] Group 1 - The price target for T. Rowe Price has been reduced from $128 to $123 [1] - The rating on T. Rowe Price shares remains at Equal Weight [1] - The update is based on the latest AUM month-end disclosure for December [1]

Group 1 - The issuer of the securities is F.I.S. – Fabbrica Italiana Sintetici S.p.A, with an aggregate nominal amount of EUR 300 million and EUR 470 million [3] - The securities include a fixed-rate senior secured note (SSN FXD) due on February 5, 2031, and a floating-rate senior secured note (SSN FRN) [3] - The offer price for both types of securities is set at 100 [3] Group 2 - No stabilization activities were conducted by the Stabilisation Managers in relation to the securities offer [2] - The Stabilisation Managers include BNP Paribas, Goldman Sachs International, and several other major financial institutions [4] - The announcement clarifies that the securities are not offered for sale in the United States and have not been registered under the U.S. Securities Act of 1933 [5]

责任编辑：曹睿潼 来源：今日建行 近日，中国建设银行作为牵头主承销商和牵头簿记管理人，成功支持摩根士丹利在中国银行间债券市场 发行26亿元熊猫债。本次发行主体为摩根士丹利私人有限公司，由集团母公司摩根士丹利提供全额、无 条件且不可撤销的担保，期限5年，票面利率2.10%，吸引境内外投资者的踊跃认购，体现出国际市场 对中国债券市场与人民币资产的坚定信心。 来源：今日建行 该项目是建设银行首次作为牵头主承销商服务美资背景主体发行的熊猫债，也是建设银行与摩根士丹利 长期合作的重要里程碑。摩根士丹利作为首批进入中国市场的国际知名投资银行之一，三十余年来积极 参与中国金融市场的建设与发展。本次债券发行也体现了摩根士丹利与建设银行的合作再上新台阶。 近日，中国建设银行作为牵头主承销商和牵头簿记管理人，成功支持摩根士丹利在中国银行间债券市场 发行26亿元熊猫债。本次发行主体为摩根士丹利私人有限公司，由集团母公司摩根士丹利提供全额、无 条件且不可撤销的担保，期限5年，票面利率2.10%，吸引境内外投资者的踊跃认购，体现出国际市场 对中国债券市场与人民币资产的坚定信心。 该项目是建设银行首次作为牵头主承销商服务美资背景主体发行 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In Q4 2025, overseas bond funds mainly increased their positions in MBS (+2.6pp) and treasury bonds (+2.4pp), reduced derivatives (-5.3pp), and slightly increased corporate bonds. However, they were still significantly underweight in treasury bonds compared to the benchmark index. The funds slightly extended the duration in Q4 2025 [3]. - In the credit - bond portfolio, in Q4 2025, funds mainly increased their positions in the communications (+1.1pp) and cyclical consumption (+0.5pp) sectors, and reduced their positions in the banking (-0.7pp) and energy (-0.3pp) sectors. The overall credit quality of the portfolio slightly improved as funds mainly reduced their positions in BBB - rated bonds and increased their positions in AA - rated bonds [2][3]. - From an individual bond perspective, the companies that funds increased the most in Q4 last year included internet technology companies such as Meta and Amazon. In absolute terms, the companies that funds were overweight compared to the benchmark index were concentrated in sectors like banking, automotive, and tobacco, and they also maintained an overweight position in sectors such as TMT and health insurance [2]. 3. Summary by Relevant Catalogs 3.1 Analysis Sample - The report selected US actively managed funds with a large asset management scale and timely data disclosure as observation samples, including comprehensive investment - grade funds and pure corporate - bond funds. Comprehensive funds were used as samples for analyzing the large - asset allocation of funds, and all sample funds were used for analyzing the credit - bond portfolio [3]. 3.2 Asset Allocation - As of Q4 2025, overseas bond funds mainly increased their positions in MBS (+2.6pp), treasury bonds (+2.4pp), and slightly increased corporate bonds compared to Q3, while reducing derivatives (-5.3pp). However, they were still significantly underweight in treasury bonds compared to the benchmark index [3]. - In Q4 last year, the funds slightly extended the duration [3]. 3.3 Credit - Bond Portfolio - **Industry Allocation**: In Q4 2025, funds mainly increased their positions in the communications (+1.1pp) and cyclical consumption (+0.5pp) sectors, and reduced their positions in the banking (-0.7pp) and energy (-0.3pp) sectors. The banking sector still had a relatively high proportion in credit bonds, accounting for 26% as of Q4 2025 [3]. - **Comparison with the Benchmark Index**: Compared with the previous quarter, funds were overweight in the communications (+0.3pp) and cyclical consumption (+0.1pp) sectors and underweight in the technology (-0.2pp), banking (-0.1pp), and power (-0.1pp) sectors. Compared with Q4 2024, in 2025, funds were mainly overweight in the technology (+0.4pp), cyclical consumption (+0.4pp), communications (+0.3pp), and insurance (+0.2pp) sectors and underweight in the banking (-0.5pp) and power (-0.2pp) sectors [3]. - **Rating Allocation**: Funds mainly reduced their positions in BBB - rated bonds and increased their positions in AA - rated bonds, with the credit quality of the portfolio slightly improving. In the industry distribution, funds maintained a BBB - rated - based allocation in most industries but carried out credit downgrades in the communications, cyclical consumption, and public - utility sectors [2]. - **Individual Bond Analysis**: The companies that funds increased the most in Q4 last year included internet technology companies such as Meta and Amazon, possibly affected by new - bond supply. In absolute terms, the companies that funds were overweight compared to the benchmark index were concentrated in sectors such as banking (e.g., JPMorgan Chase, Morgan Stanley, UBS), automotive (e.g., Ford, General Motors, Hyundai), and tobacco; in addition, funds also maintained an overweight position in sectors such as TMT (e.g., Oracle, Meta, Broadcom) and health insurance, which were sectors with attractive valuations [2].

格隆汇2月4日｜摩根士丹利报告指出，从外资流向来看，1月美国和欧盟共同基金对中国股票的流入达 86亿美元，创2024年10月以来新高。1月，来自美欧的主动型基金时隔近三年首次转为净流入，规模约 12亿美元。被动型基金加速流入，规模达74亿美元；前月为44亿美元。大摩指出，全球基金对中国股票 整体仍维持低配状态，而新兴市场基金及亚洲(除日本)基金小幅下调中国主动型仓位。 ...

Markets are looking for a reason to breathe again, and Morgan Stanley feels it may have found one. According to the bank’s chief equity strategist, Mike Wilson, Kevin Warsh’s nomination to replace Federal Reserve Chair Jerome Powellis effectively shaping up to be a long-awaited confidence reset. Powell’s chair term expires in mid-May this year, and Warsh is now the administration’s clear choice to take up the Fed’s hot seat. Nevertheless, since the announcement, things have been choppy to say the least ...

2月2日，摩根士丹利中国首席经济学家邢自强在大摩每周宏观策略谈中，围绕近期资本市场的 "过山 车" 式波动、背后驱动因素及后续投资方向提出了最新观点。他指出，近期资本市场经历"过山车"式波 动，主要受多重因素叠加影响：包括美联储新任主席提名人选Kevin Warsh，主张"降息不变、缩表提 速"的政策取向，日本国债波动及汇率干预传闻，以及美国部分AI企业业绩不及预期等。这些变化引发 市场对流动性边际收紧的担忧，尤其体现在贵金属市场出现"史诗级震荡"。邢自强分析称，Kevin Warsh如果上任，预计将延续降息路径，但会加速缩减资产负债表，减少非常规流动性工具使用，回归 传统利率调控。此举可能抬升市场波动中枢，波动会更加常态化。包括他提供的前瞻指引，可能也不见 得像过去10年那样。 这一系列，都会引发对美联储政策的一个预期再平衡。但美国通过相对偏高的投 资拉动增长，相对居高不下的通胀，以及压低利率来化债，这个大方向并没有重大变化。这也不是一个 联储主席，或者是一个货币政策就能完全解决的化债方向。所以在这个过程中，长期来讲，以美元为代 表的法币体系对其他的战略资产，逐步弱化、信用被蚕食的长期过程并没有变。 来源： ...